Here are a few very interesting charts from Steen Jakobsen, chief economist at Saxo Bank in Denmark.click on any chart for sharper image

Central Bank Balance Sheets

Demand Deposits

Capital flight from Spain, at least in terms of demand deposits, has stabilized even if other types of deposits or transfers have not.

Infinite QE

Steen writes …

The following chart shows my main theme since “QE Infinite“: Inflation expectations continue to rise. Note the 10-Year break-evens rates from Germany and the US. However some of this is of course the result of Draghi’s put.